Companhia Siderúrgica Nacional (SID) AI Stock Analysis

• Market Cap: $2.52B
• Dividend Yield: N/A
• Average Volume (3M): 2.24M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.06
• Revenue Growth: -5.79%
• EPS Growth: -5.30%
• Country: US
• Employees: 24,924
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): <0.01
• Shares Outstanding: 1,326,094,000
• 10 Day Avg. Volume: 3,148,662
• 30 Day Avg. Volume: 2,236,455
• PEG Ratio: -0.01
• Price to Book (P/B): 0.96
• Price to Sales (P/S): 0.27
• P/FCF Ratio: 3.75
• Enterprise Value/Market Cap: 3.38
• Enterprise Value/Revenue: 0.19
• Enterprise Value/Gross Profit: 0.69
• Enterprise Value/Ebitda: 1.26
• 1Y Price Target: $1.40
• Price Target Upside: -25.13% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $2.00 ▲(6.95% Upside)

Overall score is held back primarily by weak financial performance (losses and high leverage) and limited valuation support due to negative earnings. These are partially offset by improving technical momentum and a generally positive earnings-call read-through (strong EBITDA growth and leverage reduction), though cash flow and steel-market pressures remain key risks.

Positive Factors

Integrated, diversified business model

CSN's vertically integrated mix of mining, steel, cement, logistics and energy spreads revenue sources and raw-material risk. Durable cross-segment cash generation and internal feedstock/logistics control reduce cyclicality and support steadier margins overcoming isolated steel cycles.

Sustained cost competitiveness in steel

A multi-year decline in steel production costs improves structural margin resilience versus peers. Lower cost base supports profitability through commodity price swings and import competition, providing a lasting operational advantage if maintained and reinvested in efficiency.

Executive leadership restructure to strengthen core operations

Board-approved appointments create focused executive oversight for CSN's highest-impact segments. Stronger, aligned leadership with multi-year terms can enhance execution, capital allocation and operational discipline, producing durable improvements in efficiency and strategy delivery.

Negative Factors

High leverage and weak equity position

Elevated leverage materially raises financial risk and interest burden, limiting strategic optionality. Negative ROE signals shareholder returns erosion and constrains ability to absorb shocks or invest organically, a structural constraint on long-term growth until leverage meaningfully declines.

Persistent negative free cash flow

Ongoing negative free cash flow, even if improved quarter-to-quarter, restricts deleveraging, capex funding and dividend capacity. Over months this forces reliance on external financing or asset reallocation, undermining balance-sheet recovery and limiting durable strategic investments.

Structural pressure from imported steel competition

Persistent import competition that forces price-led market share responses erodes steel margins and pricing power. Unless cost advantages or differentiated products are sustained, this structural exposure can depress segment profitability and necessitate ongoing efficiency investments.

Companhia Siderúrgica Nacional Business Overview & Revenue Model

Company Description

Companhia Siderúrgica Nacional operates as an integrated steel producer in Brazil and Latin America. It operates in five segments: Steel, Mining, Logistics, Energy, and Cement. The company offers flat steel products, such as high, medium, low carbon, micro-alloyed, ultra-low-carbon, and interstitial free slabs; hot-rolled products, including heavy and light-gauge hot-rolled coils and sheets; cold-rolled products comprising cold-rolled coils and sheets; galvanized products; tin mill products that consist of flat-rolled low-carbon steel coils or sheets; and profiles, channels, UPE sections, and steel sleepers for the distribution, packaging, automotive, home appliance, and construction industries. It primarily explores for iron ore reserves at Casa de Pedra and Engenho mines located in the city of Congonhas; and limestone and dolomite at the Bocaina mine located in the city of Arcos in the state of Minas Gerais, Brazil, as well as produces tin. In addition, the company operates railway and port facilities; produces and sells cement to construction material stores, home centers, concrete producers, construction companies, mortar industries, and cement artifact producers; and generates electric power from its thermoelectric co-generation and hydroelectric power plants. It also exports its products. The company was incorporated in 1941 and is headquartered in São Paulo, Brazil. Companhia Siderúrgica Nacional operates as a subsidiary of Vicunha Aços S.A.

How the Company Makes Money

Companhia Siderúrgica Nacional generates revenue primarily through the production and sale of steel products, which constitute its main revenue stream. The company supplies a diverse range of flat and long steel products to various industries, including construction, automotive, and machinery. In addition to steel products, the company earns income from the mining and sale of iron ore, which is both used in its own production processes and sold to external customers. Significant partnerships with automotive and construction firms bolster its sales, while long-term contracts often provide a stable revenue base. Additionally, SID benefits from its integrated logistics operations, which facilitate transportation and reduce costs, enhancing overall profitability. Fluctuations in global steel prices and demand, as well as operational efficiencies, also play crucial roles in the company's financial performance.

Companhia Siderúrgica Nacional Financial Statement Overview

Summary

Companhia Siderúrgica Nacional is facing financial difficulties with declining profitability and high leverage. While there is some revenue growth, the company struggles with negative net income and cash flow challenges. The high debt levels pose a risk to financial stability, and improvements in operational efficiency and profitability are needed to enhance financial health.

Income Statement

The income statement shows a challenging period for Companhia Siderúrgica Nacional, with a negative net profit margin of -5.23% in TTM, indicating losses. Revenue growth is modest at 1.63% TTM, but the gross profit margin has decreased from previous years, reflecting pressure on profitability. The EBIT and EBITDA margins are relatively stable, but lower than historical highs, suggesting operational challenges.

Balance Sheet

The balance sheet reveals high leverage with a debt-to-equity ratio of 3.58 in TTM, indicating significant reliance on debt financing. The return on equity is negative, reflecting the company's inability to generate profits for shareholders. The equity ratio is low, suggesting potential risks in financial stability.

Cash Flow

Cash flow analysis shows a substantial improvement in free cash flow growth, but it remains negative, indicating cash outflows. The operating cash flow to net income ratio is low, reflecting challenges in converting income to cash. The free cash flow to net income ratio is negative, highlighting cash flow issues despite some operational cash generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	45.42B	43.69B	45.44B	44.36B	47.91B	30.06B
Gross Profit	12.45B	11.70B	11.30B	13.31B	22.07B	10.94B
EBITDA	6.76B	6.85B	8.58B	10.07B	23.08B	9.69B
Net Income	-1.56B	-2.59B	-318.21M	1.55B	12.26B	3.79B
Balance Sheet
Total Assets	18.93B	103.91B	91.53B	85.35B	79.38B	63.00B
Cash, Cash Equivalents and Short-Term Investments	3.28B	24.22B	17.59B	13.46B	19.30B	13.75B
Total Debt	10.00B	57.10B	45.26B	41.55B	32.57B	35.80B
Total Liabilities	15.67B	88.45B	71.84B	63.54B	56.00B	51.75B
Stockholders Equity	2.66B	12.27B	17.50B	19.49B	20.31B	9.91B
Cash Flow
Free Cash Flow	-3.41B	3.16B	2.88B	-3.33B	11.93B	7.89B
Operating Cash Flow	2.54B	8.65B	7.29B	2.04B	14.79B	9.58B
Investing Cash Flow	-2.30B	-1.12B	-4.59B	-11.45B	447.93M	-1.86B
Financing Cash Flow	-2.13B	-103.83M	1.32B	4.75B	-8.53B	1.19B

Companhia Siderúrgica Nacional Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.87
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SID, the sentiment is Positive. The current price of 1.87 is above the 20-day moving average (MA) of 1.73, above the 50-day MA of 1.67, and above the 200-day MA of 1.55, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 64.25 is Neutral, neither overbought nor oversold. The STOCH value of 88.97 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SID.

Companhia Siderúrgica Nacional Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIM	73 Outperform	$5.13B	25.90	5.84%	―	-16.81%	-67.68%
TX	68 Neutral	$8.26B	14.39	4.80%	7.02%	-16.69%	585.38%
CMC	67 Neutral	$8.24B	19.14	10.51%	1.02%	-1.61%	-81.36%
GGB	67 Neutral	$7.69B	15.75	5.21%	2.92%	-2.53%	-36.08%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SID	54 Neutral	$2.52B	-9.37	-10.50%	―	-5.79%	-5.30%
CLF	54 Neutral	$7.95B	-4.20	-27.16%	―	-6.76%	-255.94%

Companhia Siderúrgica Nacional Corporate Events

CSN Launches Major Asset Divestment Plan to Cut Debt and Reshape Capital Structure

On January 15, 2026, CSN announced that its board of directors has authorized management to launch a structured divestment program of significant assets as part of a broad plan to address the group’s capital structure. Starting in 2026, the company plans to execute strategic initiatives to reduce indebtedness by approximately R$15 billion to R$18 billion through asset sales, enabling it to refocus on its most profitable and synergistic segments while targeting, over the next eight years, a doubling of EBITDA and a sustainable leverage level of about 1.0x net debt to EBITDA, with all potential transactions subject to customary legal, antitrust and regulatory approvals.

The most recent analyst rating on (SID) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Companhia Siderúrgica Nacional stock, see the SID Stock Forecast page.

CSN Launches 2026 Deleveraging Plan to Fund Mining and Infrastructure-Led Growth

In January 2026, CSN announced a strategic plan approved by its board to begin, in 2026, a series of moves aimed at deleveraging the group and rebalancing its capital structure to support a new growth cycle focused on mining and infrastructure projects under its control. The company plans to divest selected assets in 2026 to reduce leverage by approximately R$16–18 billion, building on the 2025 sale of an 11% stake in logistics operator MRS to CSN Mineração for R$3.35 billion, and intends to sell a significant equity stake in its CSN Infra platform and the controlling stake in its cement operations in 2026, while evaluating strategic alternatives and partnerships in steel to maximize short-term cash generation. Management projects that, with a renewed asset portfolio centered on high-return mining, logistics and energy assets, CSN has the potential to double EBITDA and profitability over roughly eight years while maintaining leverage around 1x, as expansion projects in iron ore (such as the P15 ramp-up), infrastructure, and cement, combined with its renewable energy platform, are expected to enhance margins, operational scale and long-term value creation for stakeholders.

The most recent analyst rating on (SID) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Companhia Siderúrgica Nacional stock, see the SID Stock Forecast page.

CSN Transfers Majority of MRS Logística Stake to Mining Subsidiary for R$3.35 Billion

On December 18, 2025, CSN’s board approved and executed a reorganization of its stake in rail operator MRS Logística S.A. by selling up to 11.17% of MRS’s capital to its mining subsidiary CSN Mineração (CMIN) for a total of up to R$3.35 billion, a move that shifts the rail asset from the parent to the mining arm while keeping the investment within the group. The first transaction, completed on December 18, 2025, transferred a 9.17% interest in MRS to CMIN for R$2.75 billion, and a second, already approved transaction for an additional 2% stake for R$600 million remains subject to customary regulatory and legal approvals; after these steps, CSN will retain only common shares equivalent to 13.69% of MRS’s voting capital, still bound by the existing shareholders’ agreement, signaling an internal capital reallocation and potential operational alignment between its mining and logistics businesses without fully exiting the rail concession.

The most recent analyst rating on (SID) stock is a Sell with a $1.40 price target. To see the full list of analyst forecasts on Companhia Siderúrgica Nacional stock, see the SID Stock Forecast page.

CSN Announces Executive Leadership Restructure to Bolster Operations

On December 9, 2025, Companhia Siderúrgica Nacional approved the election of two new executive directors, Tufi Daher Filho for Infrastructure and Logistics and Augusto César Ferreira Lara for Steel Production, as part of a restructured Executive Board with unified terms of office lasting two years. This decision reflects strategic leadership adjustments aimed at strengthening operational oversight and efficiency in the company’s core sectors, potentially enhancing its competitive positioning in the steel and logistics industries.

The most recent analyst rating on (SID) stock is a Sell with a $1.40 price target. To see the full list of analyst forecasts on Companhia Siderúrgica Nacional stock, see the SID Stock Forecast page.

CSN Reports Financial Position Changes in November 2025

On November 2025, Companhia Siderúrgica Nacional released its balance sheet showing a decrease in cash and cash equivalents from December 2024 to September 2025. This financial update indicates a shift in the company’s liquidity position, which may impact its operational strategies and stakeholder interests.

The most recent analyst rating on (SID) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Companhia Siderúrgica Nacional stock, see the SID Stock Forecast page.

CSN Reports Strong Q3 2025 Results with First Profitable Quarter

On November 4, 2025, CSN reported its financial results for the third quarter of 2025, highlighting a net revenue of R$ 11,794 million, a 10.3% increase from the previous quarter. This growth was driven by the mining segment due to higher iron ore prices, improved cement sales, and increased logistics activities. The company achieved a net income of R$ 76 million, marking its first profitable quarter of the year, attributed to operational improvements and favorable exchange rate impacts. The adjusted EBITDA reached R$ 3,319 million, reflecting a robust performance across its diversified operations, although the steel segment faced challenges from imported materials.

The most recent analyst rating on (SID) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Companhia Siderúrgica Nacional stock, see the SID Stock Forecast page.